Foxconn Technology Group's Quarterly Net Profit Climbs on Margin Improvement
By Kosaku Narioka
Foxconn Technology Group's fourth-quarter net profit climbed on improved margins, even as revenue declined due to lackluster demand for cloud and networking products and personal computers.
The Taiwan-based electronics maker known for assembling Apple's iPhones said Thursday that net profit rose 33% from a year earlier to 53.145 billion New Taiwan dollars (US$1.69 billion) for the final three months of 2023. That beat the estimate of NT$44.89 billion in a poll of analysts by S&P Global Market Intelligence.
Fourth-quarter revenue fell 5.7% to NT$1.852 trillion due to lackluster demand for cloud and networking products and a slowing personal-computer market. Revenue for consumer electronics was largely flat due to softer market demand.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
March 14, 2024 02:54 ET (06:54 GMT)
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